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Fixed Exchange Rates and the Autonomy of Monetary Policy

Fixed Exchange Rates and the Autonomy of Monetary Policy »

Source: Fixed Exchange Rates and the Autonomy of Monetary Policy : The Franc Zone Case

Volume/Issue: 2007/34

Series: IMF Working Papers

Author(s): Romain Veyrune

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2007

ISBN: 9781451865981

Keywords: franc zone, fixed exchange rate, exchange rate, money supply, Cfa Franc,

This paper compares monetary policy of currency boards with that of the franc zone during the period 1956-2005. It concludes that monetary policy in the zone was more autonomous than under a currency board, even th...

Money Demand and Regional Monetary Policy in the West African Economic and Monetary Union

Money Demand and Regional Monetary Policy in the West African Economic and Monetary Union »

Source: Money Demand and Regional Monetary Policy in the West African Economic and Monetary Union

Volume/Issue: 1998/57

Series: IMF Working Papers

Author(s): Philipp Rother

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 1998

ISBN: 9781451967623

Keywords: regional money demand, CFA franc zone, WAEMU, BCEAO, money demand, inflation, central bank

Regional monetary integration, financial liberalization, and the adoption of indirect policy instruments have changed the conditions for monetary policy in the West African Economic and Monetary Union (WAEMU). The...

Monetary Union in West Africa

Monetary Union in West Africa »

Source: Monetary Union in West Africa : An Agency of Restraint for Fiscal Policies?

Volume/Issue: 2001/34

Series: IMF Working Papers

Author(s): Catherine Pattillo , and Paul Masson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2001

ISBN: 9781451845266

Keywords: monetary union, fiscal discipline, ECOWAS, CFA franc zone, central bank, inflation, fiscal policies,

Could a West African monetary union (either of the non-CFA countries, or all ECOWAS members) be an effective "agency of restraint" on fiscal policies? We discuss how monetary union could affect fiscal discipline an...

Financial Deepening in the CFA Franc Zone

Financial Deepening in the CFA Franc Zone »

Source: Financial Deepening in the CFA Franc Zone : The Role of Institutions

Volume/Issue: 2009/113

Series: IMF Working Papers

Author(s): Dhaneshwar Ghura , Kangni Kpodar , and Raju Singh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2009

ISBN: 9781451872606

Keywords: Financial deepening CFA Franc zone, property rights, financial liberalization, financial markets, financial system,

During the 1980s and early 1990s many Sub-Saharan African (SSA) countries undertook reforms to promote financial sector deepening. Nevertheless, financial sectors in SSA countries remain among the shallowest in the...

Local Currency Debt Markets in the West African Economic and Monetary Union

Local Currency Debt Markets in the West African Economic and Monetary Union »

Source: Local Currency Debt Markets in the West African Economic and Monetary Union

Volume/Issue: 2007/256

Series: IMF Working Papers

Author(s): Amadou Sy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2007

ISBN: 9781451868197

Keywords: BCEAO, CFA franc, Treasury bills, WAEMU, government securities, bond, government bonds,

The paper reviews trends and developments in the rapidly growing local currency debt markets in the WAEMU. The main findings are that common institutions, such as a regional central bank and securities exchange hav...

The CFA Franc Zone and the EMU1

The CFA Franc Zone and the EMU1 »

Source: The CFA Franc Zone and the EMU

Volume/Issue: 1997/156

Series: IMF Working Papers

Author(s): Michel Galy , and Michael Hadjimichael

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 1997

ISBN: 9781451857368

Keywords: Monetary Union, Optimum Currency Areas, CFA Franc Zone, EMU, exchange rate, monetary fund, central bank, effective exchange rate

Whether the prospective shift of the peg of the CFA franc to the euro would constitute an exchange rate arrangement with EMU countries would depend critically on the interpretation of the free convertibility of the...

Competitiveness in the CFA Franc Zone

Competitiveness in the CFA Franc Zone »

Source: Competitiveness in the CFA Franc Zone

Volume/Issue: 2007/212

Series: IMF Working Papers

Author(s): Charalambos Tsangarides , and Gustavo Ramirez

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2007

ISBN: 9781451867763

Keywords: Competitiveness, CFA franc, WAEMU, CEMAC, exchange rate, reer, exchange rates, real effective exchange rate, effective exchange rate,

This paper reviews the evolution of competitiveness in the CFA franc zone using a proposed comprehensive competitiveness framework. In particular, we examine competitiveness in the WAEMU and CEMAC regions by analyz...

Reserve Pooling in the Eastern Caribbean Currency Union and the CFA Franc Zone

Reserve Pooling in the Eastern Caribbean Currency Union and the CFA Franc Zone »

Source: Reserve Pooling in the Eastern Caribbean Currency Union and the CFA Franc Zone : A Comparative Analysis

Volume/Issue: 2001/104

Series: IMF Working Papers

Author(s): Hazel Selvon , Tracy Polius , and Oral Williams

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2001

ISBN: 9781451852769

Keywords: ECCU, CFA franc zone, reserve pooling, monetary authority, terms of trade, monetary union, monetary unions, central bank, Econometric and Statistical Methods: General, Financial Aspects of Economic Integration,

The paper presents a comparison of the gains from the pooling of reserves, and hence reserve variability, in the Eastern Caribbean Currency Union (ECCU) and the CFA franc zone. The results indicate that countries w...

Ten Years After the CFA Franc Devaluation

Ten Years After the CFA Franc Devaluation »

Source: Ten Years After the CFA Franc Devaluation : Progress Toward Regional Integration in the WAEMU

Volume/Issue: 2005/145

Series: IMF Working Papers

Author(s): P. van den Boogaerde , and Charalambos Tsangarides

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2005

ISBN: 9781451861648

Keywords: WAEMU, CFA franc, regional integration, reer, monetary union, terms of trade, tradable goods, export prices, International Monetary Arrangements and Institutions, regional intergation,

This paper takes stock of the achievements toward integration in the West African Economic and Monetary Union (WAEMU) 10 years after the 1994 devaluation of the CFA franc. It investigates the lessons learned and ev...

Fixed Exchange Rates and the Autonomy of Monetary Policy
			: The Franc Zone Case

Fixed Exchange Rates and the Autonomy of Monetary Policy : The Franc Zone Case »

Volume/Issue: 2007/34

Series: IMF Working Papers

Author(s): Romain Veyrune

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2007

DOI: http://dx.doi.org/10.5089/9781451865981.001

ISBN: 9781451865981

Keywords: franc zone, fixed exchange rate, exchange rate, money supply, Cfa Franc,

This paper compares monetary policy of currency boards with that of the franc zone during the period 1956-2005. It concludes that monetary policy in the zone was more autonomous than under a currency board, even th...